Answer:
Laura's monthly payment will be $501, and her total finance charge over the course of the loan will be $5,060.
Step-by-step explanation:
Given that in a 5-year loan with an annual interest of 7.5%, the monthly payments for every $ 1,000 are $ 20.04, taking into account that Laura took a loan of $ 25,000, to determine the monthly payments and the total interest to be paid, they must be made the following calculations:
20.04 x 25 = X
501 = X
Thus, the monthly payments that Laura will have to make will be $ 501.
(501 x 12 x 5) - 25,000 = X
30,060 - 25,000 = X
5,060 = X
In turn, the total finance charge will be $ 5,060.
This is a model of 63÷6. :)
How do I rewrite a problem so that the divisor is a whole number? Move the decimal point enough places to the right to make the divisor a whole number. You must move the decimal point in the dividend the same number of places to the right.
4.7 divided by 13.6 is 47/136
